value of S&W model 66-2

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I have a friend who has a chance to purchase a S&W model 66-2 (he says it is nickel finish) and it has been hand-engraved and polished by Ken Hurst Firearms Engraving Company and it is 1 of 80 revolvers produced as Bicentennial Edition Revolvers for the Lynchburg, Virginia police department.

Any thoughts on what the fair market value/worth of this revolver might be ?

First off, no such thing as a nickel 66. All model 66's are stainless. The 66 is a stainless model 19. The model 19 can be had in blue or nickel.

As to value, that's a little tricky. Commemorative guns should be NIB to realize their full added value. If it's just a shooter, than it's basically worth what any shooter is worth. To the average person, a commemorative is worth little more than a regular gun in similar condition. Now, to a serious S&W collector looking to complete a collection - or someone that has a personal tie/relationship to the commemorative ( in this case to the Lynchburg, Virginia police department), the gun will be worth more.

Me personally the Lynchburg, Virginia police department commemorative is worth no more than a regular 66, maybe even less. I'd rather have the standard 66-2 in my safe than one that says Lynchburg, Virginia police department on it.

Engraving? Well that's a bit tricky as well. I have no knowledge of this engraver. Might be good, might be bad. Some people prefer factory engraving. Hand engraving can cost way more than the gun itself. Does it add value - usually - maybe - it depends. How good is the engraving? What style and type and coverage? What is the current condition of the engraving? What is the condition of the engraved gun? Just like commemoratives, to get the full value of the engraving the gun should be NIB.

I've also got an engraved S&W revolver

Its a SS 686 - so I'd be interested in hearing what folks think they would be worth as well. I bought it not so much for the engraving, but for the weapon itself. The engraving was just a part of the weapon and is more conversation piece at the range than anything else.

I've since decided that the engraving meant more to the person selling it, ie, so he could try to convince me that it was a collector and thus try to get more for it.